Wilberforce Posted February 24, 2012 Report Share Posted February 24, 2012 I would like to appoint my parents to manage my buy to let property as I have found the tenant myself but have no time to manage the flat myself. Are the payments I make to my parents tax deductable in the same way a letting agents are? Link to comment Share on other sites More sharing options...
Richlist Posted February 24, 2012 Report Share Posted February 24, 2012 I would like to appoint my parents to manage my buy to let property as I have found the tenant myself but have no time to manage the flat myself. Are the payments I make to my parents tax deductable in the same way a letting agents are? Yes, You should get a receipt from them for your accounts. Don't forget that they will need to declare the payment as income on their self assessment tax returns and pay the appropriate taxes on it. Do they actually know what to do ? Don't under estimate the work involved: Guarantors EPC cert Insurances Rent guarantee insurance Deposit protection Gas safety cert Standing order Inventories Contracts Paying bills References Regular Inspections Official notices Dealing with maintenance/ repairs/ disputes/ problems etc etc. Link to comment Share on other sites More sharing options...
Wilberforce Posted February 24, 2012 Author Report Share Posted February 24, 2012 appreciated, thanks. they work off the checklist as most of this has to be done legally. i find the agents charge a lot without doing much! Yes, You should get a receipt from them for your accounts. Don't forget that they will need to declare the payment as income on their self assessment tax returns and pay the appropriate taxes on it. Do they actually know what to do ? Don't under estimate the work involved: Guarantors EPC cert Insurances Rent guarantee insurance Deposit protection Gas safety cert Standing order Inventories Contracts Paying bills References Regular Inspections Official notices Dealing with maintenance/ repairs/ disputes/ problems etc etc. Link to comment Share on other sites More sharing options...
Richlist Posted February 24, 2012 Report Share Posted February 24, 2012 The best agents are the ones that make it look easy by working quietly in the background and giving you the impression that they aren't doing much and that its all really quite easy. There are a lot of landlords who get a shock when they try to do it themselves.......it often goes horribly wrong ......especially if they have no experience. Good luck......you, or your parents will undoubtedlly need it. Link to comment Share on other sites More sharing options...
bigdaddy Posted February 25, 2012 Report Share Posted February 25, 2012 The best agents are the ones that make it look easy by working quietly in the background and giving you the impression that they aren't doing much and that its all really quite easy. There are a lot of landlords who get a shock when they try to do it themselves.......it often goes horribly wrong ......especially if they have no experience. Good luck......you, or your parents will undoubtedlly need it. when i post i seem to be writing on previous post what am i doing wrong BD Link to comment Share on other sites More sharing options...
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